LACHMAN M LEANNE 4

What Happened

• Leanne M. Lachman, a director of Lincoln National Corp. (LNC), received an award of 1,272.98 phantom stock units on 2026-06-30. The units are valued at $35.35 each for a total reported value of $45,000. The transaction is reported as a derivative award (phantom stock units), not an open-market purchase.

Key Details

• Transaction date and value: 2026-06-30; 1,272.98 units @ $35.35 = $45,000 (derivative grant).
• Shares owned after transaction: not specified in the Form 4 filing.
• Footnotes:
  • F1: Each Phantom Stock Unit equals one share of LNC common stock.
  • F2: These units represent a quarterly payment of board retainer/fees under the Directors’ Deferred Compensation Plan (payable in shares at resignation/retirement); units can be moved into an alternative investment account.
  • F3: The total includes 486.60 units acquired via dividend reinvestment since the last report.
• Filing timeliness: Form filed 2026-07-02 for a 2026-06-30 transaction; the filing shows no late-filing flag.

Context

• This was a compensation award of phantom stock units (derivative units) paid as part of director compensation — a routine, non-cash grant rather than a market buy or sell. Phantom units typically convert to actual shares (or cash equivalent) per plan terms upon resignation/retirement, so this does not directly signal immediate buying or selling of stock.